Resolution 11400 RESOLUTION NO. 11400
BE IT RESOLVED by the City Council of the City of Miami Beach,
Florida, that the following proposed amendment to the Charter of
the City of Miami Beach, Florida, shall be submitted to the voters
of said City for their approval or rejection at an election to be
held in the City of Miami Beach, Florida, on the 1st day of June,
1965 :
SECTION 1' That Section 2 of Chapter 18691, Laws of Florida,
Special Acts of 1937, being a part of the Charter of
the City of Miami Beach, Florida, entitled: AN ACT TO AUTHORIZE
THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA, TO ESTABLISH,
BY ORDINANCE, A PENSION, ANNUITY AND RETIREMENT SYSTEM FOR ANY OR
ALL GROUPS OF OFFICERS AND EMPLOYEES IN THE SERVICE OF SAID CITY;
TO PROVIDE FOR DISABILITY AND DEATH BENEFITS; TO PROVIDE FOR CONTRI-
BUTION TO THE COSTS THEREOF ON AN ACTUARIAL BASIS ; PROVIDING FOR
THE MANNER IN WHICH OFFICERS AND/OR EMPLOYEES MAY COME UNDER THE
OPERATION OF SAID SYSTEM; PROVIDING FOR REPAYMENT TO MEMBERS LEAVING
THE SERVICE OF THE CITY; PROVIDING FOR THE INVESTMENT OF FUNDS
CREATED UNDER SAID SYSTEM; PROVIDING FOR THE ADMINISTRATION OF SAID
SYSTEM; AND PROVIDING FOR THE SUBMISSION OF SAID ORDINANCE TO
REFERENDUM OF QUALIFIED VOTERS OF SAID CITY; WHEN SAID ACT SHALL
TAKE EFFECT AND OTHER MATTERS RELATING THERETO , reading as follows :
Section 2 . All moneys paid into any pension or retirement
system created by this Act, except such moneys
as are necessary to meet current operating or pension and
retirement payments, shall be invested in City of Miami Beach
or United States Government Bonds.
be and the same is hereby amended to read as follows .
Section 2 . All moneys paid into any pension or retirement
system created by this Act, except such moneys
as are necessary to meet current operating or pension and
retirement payments, shall be invested in the following:
Bonds, notes, securities or other evidences of indebtedness
which are the direct obligation of the Government of the United
States and for which the full faith and credit of the govern-
ment is pledged.
Loans, insured or guaranteed as to principal and interest
by the Government of the United States or by any agency or
instrumentality thereof, to the extent of such insurance or
guaranty.
Bonds, notes and other securities of any state, county or
incorporated city in any State of the United States or the
District of Columbia, which are the direct obligation of such
state, county or city and for payment of which said governmental
body has the lawful authority to levy taxes or make assessments.
Bonds, notes or other evidences of indebtedness which are
payable from revenues of any structure or improvement owned
by any state, county or incorporated city within the United
States.
Dividend paying stocks, common or preferred, of any corpo-
ration created and existing under the laws of the United States
or of any state, provided that the amount so invested shall at
no time exceed fifteen percent (15%) of the total funds invested.
-i-
Bonds, notes or other interest-bearing obligations of
any solvent corporation organized under the laws of the
United States, or any State, Territory or Possession of
the United States.
Shares or savings accounts of federal savings and loan
associations, to the extent that they are insured by an
agency or an instrumentality of the Government of the
United States.
SECTION 2 : That all laws or parts of laws in conflict herewith
be and the same are hereby repealed.
PASSED and ADOPTED this 24th day of March, A.D. 1965.
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